MIRA INFORM REPORT

Report Date :

15.12.2014

IDENTIFICATION DETAILS

Name :	SIDWAL REFRIGERATION INDUSTRIES PRIVATE LIMITED (w.e.f. 22.11.2013)

Formerly Known As :	SIDWAL REFRIGERATION INDUSTRIES LIMITED SIDWAL REFRIGERATION INDUSTRIES PRIVATE LIMITED

Registered Office :	108-A, Madangir, Behind Pushp Vihar, DDA Local Shopping Complex, New Delhi – 110 062

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	16.08.1965

Com. Reg. No.:	55-008575

Capital Investment / Paid-up Capital :	Rs.45.000 millions

CIN No.: [Company Identification No.]	U74899DL1965PTC008575

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Modularized, Roof-Mounted, Air-cooled Packaged A.C. Units for Rail Coaches.

No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1024000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Exist

Comments :	Subject is an established company having moderate track record. The rating reflects moderate financial risk profile marked by some dip in the turnover during FY 2014 and low profit margin of the company. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Ranbir
Designation :	Accounts Manager
Contact No.:	91-11-40775501
Date :	13.12.2014

LOCATIONS

Registered Office :	108-A, Madangir, Behind Pushp Vihar, DDA Local Shopping Complex, New Delhi – 110 062, India
Tel. No. :	91-11-40775500/ 40775501/ 26057222/ 41649700-03
Fax No. :	91-11-26056433/ 41649706
E-Mail :	sidwal@vsnl.com
Website :	http://www.sidwal.com
Location :	Rented

Factory :	Plot 23, Sector 6, Faridabad – 121 006 , Haryana, India
Tel. No.:	91-129-2242060/ 2241240/ 4185100
Fax No.:	91-129-2240078
E-Mail :	sidwal@vsnl.com
Location :	Owned

DIRECTORS

AS ON 31.03.2014

Name :

Mr. Sherjang Singh Sidhu

Designation :

Managing Director

Date of Appointment :

01.09.2011

DIN No. :

00049900

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1965PTC008575	SIDWAL REFRIGERATION INDUSTRIES PRIVATE LIMITED	Managing director	01-09-2011	16-08-1965	-	Active	NO
2	U70101DL1998PTC094765	SAFFRON PROMOTORS PRIVATE LIMITED	Director	23-04-1999	23-04-1999	-	Active	NO
3	U70101DL1996PTC079042	DEVLOK PROPERTY PRIVATE LIMITED	Director	03-05-2002	03-05-2002	-	Active	NO
4	U29192DL2010PTC199094	SIDWAL COOLTECH PRIVATE LIMITED	Director	15-02-2010	15-02-2010	-	Active	NO
5	U24100WB2011PTC161206	WASSER POLYMER PRIVATE LIMITED	Director	25-03-2011	25-03-2011	25-03-2011	Active	NO

Name :

Mrs. Randhir Kaur

Designation :

Whole-time Director

Date of Appointment :

01.09.2011

DIN No. :

00049929

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1965PTC008575	SIDWAL REFRIGERATION INDUSTRIES PRIVATE LIMITED	Whole-time director	01-09-2011	09-12-1974	-	Active	NO
2	U70101DL1998PTC094765	SAFFRON PROMOTORS PRIVATE LIMITED	Director	23-04-1999	23-04-1999	-	Active	NO
3	U70101DL1996PTC079042	DEVLOK PROPERTY PRIVATE LIMITED	Director	03-05-2002	03-05-2002	-	Active	NO
4	U29192DL2010PTC199094	SIDWAL COOLTECH PRIVATE LIMITED	Director	15-02-2010	15-02-2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ranbir
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2014

Names of Shareholders

No. of Shares

Sherjang Singh Sidhu

8998

Randhir Kaur

35995

BUSINESS DETAILS

Line of Business :	Manufacturer of Modularized, Roof-Mounted, Air-cooled Packaged A.C. Units for Rail Coaches.

Products :	Water Coolers Room Air Conditioners Split and Packaged AC’s, etc.

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Water Coolers Room Air Conditioners Split and Packaged AC’s, etc.
Countries :	Bangladesh Korea

Imports :
Products :	Raw Materials
Countries :	China Hong Kong Vietnam Germany

Terms :
Selling :	Cash and Cheque

Purchasing :	Cash and Cheque

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	John Company, Korea
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers and Retailers

Reference :	BEML Limited, Bangalore
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Government Departments

	Indian Railways
	Military Engineering Services.
	National Hydraulic Power Corporation.
	National Thermal Power Corporation.
	National Power Training Institute.
	Rajasthan Atomic Power Project.
	Nuclear Power Corporation Limited
	Bharat Heavy Electronics Limited

Embassies

	American Embassy
	Japanese Embassy
	Hungarian Embassy
	Korean Embassy
	Spanish Embassy
	Nigerian Embassy
	Polish Embassy
	Russian Embassy

Hospitals

	Escorts Hospitals and Heart Institute
	Holy Family Hospital
	Sun Flag Hospital
	Gurgaon Hospital
	R.M.L. Hospital

Oil Companies

	Indian Oil Corporation
	Bharat Petroleum Corporation Limited
	Hindustan Petroleum

Five Star Hotels

	Park Royal
	Taj Palace
	Oberoi Hotel
	Le-Meridian

Exporters

	Richa & Company
	Gaurav International
	Nirwan Clothing
	R.M.X. Joss
	Orchid Overseas
	Tulip Creations
	Cornell Overseas

Schools

	Delhi Public School
	St. Mary Public School
	D.A.V. Public School
	Indus Valley Public School.
	Manav Bharti India International School

Others

	Milkfood Limited
	Whimpys
	Motimahal
	Bagri Brothers
	Steel Birds
	Escorts Limited
	Gujarat Ambuja Limited

No. of Employees :

600 (Approximately)

Bankers :

Banker Name	Bank of India
Branch Address	Connaught Place Branch
Person Name (With Designation)	Mr. Arora (Manager)
Contact Number	91-11-65155581
Name of Account Holder	SIDWAL REFRIGERATION INDUSTRIES LIMITED
Account Number	60193010002001
Account Since (Date/Year of Account Opening)	1984
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit = Rs.370.000 millions
Account Operation	Very Good
Remarks (If any)	Mr. Arora informed that company having very good track record with banker.

Bank of India, Lajpat Nagar, New Delhi – 110 024, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Finance Lease Obligation	0.642	0.940
SHORT TERM BORROWINGS
Repayable on demand - Cash Credit from Bank	165.883	178.907
Total	166.525	179.847

Notes:

(i) Cash Credit from bank is secured by hypothecation of inventories, book debts and movable plant and machinery, furniture (present and future) and by equitable mortgage of land and buildings and guaranteed by directors of the company

(ii) Finance Lease Obligation is secured by hypothecation of vehicles against which lease obligation has been incurred

Auditors :
Name :	Jyoti Kumar and Company Chartered Accountants
Address :	A-7A, Vishal Kunj, Opposite MCD Office, Tagore Garden, New Delhi – 110 027, India
Tel. No. :	91-11-25191947/ 25430757
Mobile No. :	91-9811176501
E-Mail :	jyotifca@gmail.com jyotiaca@rediffmail.com
PAN No.:	ADRPA7094C

Memberships :	Not Available

Collaborators :	Not Available

Associates :	Saffron Promoters Private Limited Devlok Properties Private Limited Intec Corporation Sidwal Trans Aircon Private Limited Sidwal Cooltech Private Limited Sidwal Technologies Climatrol Corporation Sidwal Composites

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
60000	Equity Shares	Rs.1000/- each	Rs.60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45000	Equity Shares	Rs.1000/- each	Rs.45.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	45.000	45.000	45.000
(b) Reserves & Surplus	313.302	311.267	309.178
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	358.302	356.267	354.178

(3) Non-Current Liabilities
(a) Long-term borrowings	0.642	0.940	0.940
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	225.247	222.702	224.114
Total Non-current Liabilities (3)	225.889	223.642	225.054

(4) Current Liabilities
(a) Short term borrowings	165.883	178.907	202.346
(b) Trade payables	49.127	70.585	127.246
(c) Other current liabilities	9.290	17.920	32.676
(d) Short-term provisions	0.000	0.000	16.010
Total Current Liabilities (4)	224.300	267.412	378.278

TOTAL	808.491	847.321	957.510

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	79.346	88.112	90.756
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	16.358	16.358	16.358
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	252.259	248.704	244.676
(e) Other Non-current assets	4.432	10.768	20.727
Total Non-Current Assets	352.395	363.942	372.517

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	219.391	206.350	286.940
(c) Trade receivables	174.545	246.643	262.167
(d) Cash and cash equivalents	40.576	11.547	6.427
(e) Short-term loans and advances	0.000	0.000	1.253
(f) Other current assets	21.584	18.839	28.206
Total Current Assets	456.096	483.379	584.993

TOTAL	808.491	847.321	957.510

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	563.801	744.764	734.802
		Other Income	4.633	25.937	18.175
		TOTAL	568.434	770.701	752.977
			(Due to market fluctuation)
Less	EXPENSES
		Raw materials and components consumed	300.864	425.380	506.127
		Purchases of stock-in-trade	40.306	74.777	101.104
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	5.624	27.244	(30.209)
		Employee benefit expense	77.917	89.899	97.983
		Other expenses	101.916	110.460	117.583
		Exceptional Items	0.000	0.000	33.916
		TOTAL	526.627	727.760	826.504

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		41.807	42.941	(73.527)

Less	FINANCIAL EXPENSES		28.730	32.010	26.909

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		13.077	10.931	(100.436)

Less/ Add	DEPRECIATION/ AMORTISATION		9.042	8.843	8.466

	PROFIT/ (LOSS) BEFORE TAX		4.035	2.088	(108.902)

Less	TAX		2.000	0.000	(5.820)

	PROFIT/ (LOSS) AFTER TAX		2.035	2.088	(103.082)

	EARNINGS IN FOREIGN CURRENCY		0.000	0.000	0.707

	IMPORTS
		Raw Materials	65.255	103.648	99.326
	TOTAL IMPORTS		65.255	103.648	99.326

	Earnings / (Loss) Per Share (Rs.)		45.00	46.00	(2291.00)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.36	0.28	(14.03)

Operating Profit Margin (PBDIT/ Sales)	(%)	7.42	5.77	(10.01)

Return on Total Assets (PBT/Total Assets}	(%)	0.51	0.25	(11.57)

Return on Investment (ROI) (PBT/Networth)		0.01	0.01	(0.31)

Debt Equity Ratio (Total Debt/Networth)		0.46	0.50	0.57

Current Ratio (Current Asset/Current Liability)		2.03	1.81	1.55

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	45.000	45.000	45.000
Reserves & Surplus	309.178	311.267	313.302
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	354.178	356.267	358.302

Long Term borrowings	0.940	0.940	0.642
Short Term borrowings	202.346	178.907	165.883
Total borrowings	203.286	179.847	166.525
Debt/Equity ratio	0.574	0.505	0.465

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	734.802	744.764	563.801
		1.356	(24.298)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Revenue from operations	734.802	744.764	563.801
Profit	(103.082)	2.088	2.035
	(14.03%)	0.28%	0.36%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	Yes
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	Yes
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

LITIGATION DETAILS:

IN THE HIGH COURT OF DELHI AT NEW DELHI

ITA 794/2011

COMMISSIONER OF INCOME TAX-III ..... Appellant

Through Mr. Harpreet Singh Ajmani, Adv.

versus

SIDWAL REFRIGERATION INDUSTRIES LIMITED.. Respondent

Through Mr. M P Devanath and Mr. Tarun Jain, Advs.

CORAM:

HON'BLE MR. JUSTICE SANJIV KHANNA

HON'BLE MR. JUSTICE R.V.EASWAR

ORDER

06.02.2012

It is pointed out that the appeals by the Revenue for earlier assessment year 2000-01 in ITA No.785/2011 is already admitted. In the said assessment year issue involved is deduction under Section 80-IC. In the present assessment year the claim is under Section 80-IA.

2. Heard.

3. Admit.

4. The following substantial question of law is framed :

?Whether the Income Tax Appellate Tribunal was right in not sustaining disallowance of Rs.12,78,85,496/- made by the Assessing Officer on account of high manufacturing expenses and material consumption showed in the Faridabad unit?

5. To be listed along with ITA Nos. 785/2011 and 827/2011.

SANJIV KHANNA, J

R.V.EASWAR, J

FEBRUARY 06, 2012

  vld

  $ 11

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10014061	05/09/2008 *	396,700,000.00	BANK OF INDIA	LAJPAT NAGAR, NEW DELHI, DELHI - 110024, INDIA	A47417605
2	10014057	05/09/2008 *	396,700,000.00	BANK OF INDIA	LAJPAT NAGAR, NEW DELHI, DELHI - 110024, INDIA	A47416813
3	90369699	22/12/2005	4,300,000.00	BANK OF INDIA	LAJPAT NAGAR BRANCH, NEW DELHI, DELHI, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES AND COMMITMENTS

(to the extent not provided for)

Particulars

31.03.2014

(Rs. in millions)

31.03.2013

(Rs. in millions)

Claims against the company not acknowledged as debts

Contingent liability for income-tax (excluding interest and penalties)

15.189

Demands were raised by the Income-Tax Department for the assessment years 2004-05 through to 2007-08 for additional income-tax payable on account of determination of the company's entitlement to deduction under section 801C of the Income-tax Act, 1961 for profits made by its industrial unit at Kala Amb at a lower amount than was claimed. The company appealed against these demands before the Commissioner of Income-tax (Appeals) who decided in favour of the company. Subsequently, this decision was upheld by the Income tax

Appellate Tribunal. The Income-tax Department has now appealed to the High Court.

FIXED ASSETS:

Tangible Assets

· Land

· Building – Factory

· Building – Office

· Plant and Equipment

· Furniture and Fixtures

· Vehicles – Owned

· Vehicles – On finance lease

· Office Equipment

· Data Processing Equipment

Intangible Assets

· Technical Know-how

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report : No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs.77.38

INFORMATION DETAILS

Information Gathered by :	GYT

Analysis Done by :	DIV

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
-- PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

Unit